FAIR Canada is pleased that OBSI is moving forward with the implementation of the strategic recommendations set out in the Khoury Report (the independent review conducted by the Navigator Company in 2011).
FAIR Canada supports the proposed reform to a unitary board where all directors are involved in all Board decisions. FAIR Canada believes that more emphasis should be given to knowledge and experience in “consumer and investors issues” and recommends that OBSI have at least three directors who represent consumer or investors on its Board (as recommended in the Khoury Report). We believe that:
- the definition of Director should be revised so that there is an overarching test for independence and that the specific sub-paragraphs enumerate those individuals who “prima facie” do not meet the test of independence.
- the Chair of the Board should exhibit the qualities set out in the consultation document, and in particular, be a champion of OBSI (its vision, mandate and strategic plan) and have excellent communication and consensus-building skills. The Chair should also have a comprehensive understanding of the financial services industry. While likely to be an independent director, we do not believe OBSI governance rules should exclude an industry person who exhibits the desired qualities and is truly committed to OBSI.
To see all our recommendations, click here.